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CSC 2Q Net Off 15% As Revenue, Margins Weaken; View Mixed

DOW JONES NEWSWIRES CSC's (CSC) second-quarter earnings fell 15% as the information-technology company reported weaker revenue and margins along with sharply higher taxes. It raised its profit target for the year by 5 cents to $5.35 to $5.45 a share but lowered its revenue view to $16.5 billion to $17 billion from $16.8 billion to $17.2 billion. The information-technology services company, which provides services from consumer-credit information to online-data security, has benefited from increased IT outsourcing. For the quarter ended Oct. 1, CSC reported a profit of $184 million, or $1.18 a share, down from $216 million, or $1.40 a share, a year earlier. Revenue decreased 1.6% to $3.98 billion. Analysts polled by Thomson Reuters most recently forecast earnings of $1.17 on revenue of $4 billion. Gross margin fell to 20% from 20.4%. CSC's managed-services segment, which is its largest by revenue and which mainly covers government contracts, saw revenue edge up 0.1%. Its North American public-sector business reported revenue declined 4.5%. Shares closed Tuesday at $48.79 and were down 1.4% premarket to $48.10. -By Tess Stynes, Dow Jones Newswires; 212-416-2481;;

Stock News for Computer Sciences (CSC)
03/27/201512:35:02Statement of Changes in Beneficial Ownership (4)
03/27/201512:35:02Statement of Changes in Beneficial Ownership (4)
03/19/201500:18:43CSC's ServiceMesh unit implicated in bribery case
03/18/201519:13:34Jana Partners Sells 20% Stake To Neuberger Business--2nd Update
03/18/201507:16:30Australia Police Charge Former Commonwealth Bank Executive With...
03/11/201517:46:55Statement of Changes in Beneficial Ownership (4)
03/11/201517:46:55Statement of Changes in Beneficial Ownership (4)
03/11/201516:15:00CSC Board Declares Quarterly Cash Dividend
03/10/201514:10:52Initial Statement of Beneficial Ownership (3)
03/09/201513:00:00Allscripts and Elsevier Join Forces to Elevate Health Care and...
02/24/201505:00:00Global IT Services Company CSC Signs Next-Generation Applications...
02/23/201516:41:34Statement of Beneficial Ownership (sc 13d)
02/23/201514:46:18Computer Sciences soars on M&A report
02/23/201514:15:00IBM and CSC Expand Partnership to Help Growing Ecosystem Develop...
02/17/201517:15:17Statement of Changes in Beneficial Ownership (4)
02/17/201517:15:16Statement of Changes in Beneficial Ownership (4)
02/17/201517:15:16Statement of Changes in Beneficial Ownership (4)
02/13/201516:23:00Amended Statement of Ownership (sc 13g/a)
02/11/201511:22:53Amended Statement of Ownership (sc 13g/a)
02/11/201506:00:58Quarterly Report (10-q)

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